Arn Cenedella

San Carlos Market Update

How is the San Carlos real estate market doing over the past 6 months?
Is one price range range stronger than another?

The first quartile is the highest 25% priced homes in San Carlos.
The second quartile is the upper middle 25% priced homes in San Carlos.
The third quartile is the lower middle 25% priced homes in San Carlos.
The fourth quartile is the lowest 25% priced homes in San Carlos.

As the chart below shows; over the past 6 months prices have remained basically flat though the median price in the first quartile (highest priced homes) has dropped slightly.

Average days on market has increased in San Carlos over the past 6 months.

The most expensive homes have the longest average days on market and the third quartile (homes priced around $1M) have the lowest average days on market.

The third quartile is the entry level price range for homes west of El Camino in San Carlos.

The market action index indicates the relative strenght of the market.

A market action index under 30 indicates a buyers’ market.

As the chart below indicates: in all prices ranges in San Carlos, the current market is a storng buyers’ market.

The lower price ranges (3rd and 4th) quartiles are slightly stronger than the two higher price ranges.

In my opinion, the market for the upper price range homes is slower because there are few “move-up” buyers in the current market – i.e. those that have a house to sell and wish to buy a more expensive house. These potential “move-up” may not want to sell their homes at a price below the peak eventhough the price of the house they buy will also have dropped (in some cases, more) or they may think their house will not sell or they are just too concerned about the economy and the job market and therefore prefer to stay put instead of taking on a larger mortgage to buy a more expensive house.

This entry was posted on Sunday, March 8th, 2009 at 8:29 pm and is filed under Real Estate Data, San Carlos Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply

Name (required)

Email (will not be published) (required)

Website